FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                   For the quarterly period ended March 31, 2001


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-13408


                             CENTURY PROPERTIES FUND XX
         (Exact name of small business issuer as specified in its charter)



         California                                              94-2930770
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___



<PAGE>





                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                           CENTURY PROPERTIES FUND XX

                    STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (unaudited)
                          (in thousands, except unit data)

                                 March 31, 2001



     Assets
        Cash and cash equivalents                                       $ 506
        Receivables and deposits, net of allowance for
          uncollectible accounts of $54                                     16
        Debt trustee escrow                                              1,874
        Investment property                                              5,481

                                                                         7,877
     Liabilities
        Tenant security deposit liabilities                                 34
        Accrued property taxes                                              23
        Other liabilities                                                  122
        Non-recourse promissory notes (Note A)                           8,229
        Estimated costs during the period of liquidation                    86

                                                                         8,494

     Net liabilities in liquidation                                     $ (617)



                   See Accompanying Notes to Financial Statements


<PAGE>




b)

                           CENTURY PROPERTIES FUND XX

               STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                   (in thousands)

                        Three Months Ended March 31, 2001



Net liabilities in liquidation at beginning of period                   $(1,154)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                                   (730)
   Decrease in receivables and deposits                                     (65)
   Increase in debt trustee escrow                                          747
   Increase in investment properties                                        671
   Decrease in accounts payable                                              50
   Increase in tenant security deposit liabilities                           (3)
   Decrease in accrued property taxes                                        66
   Increase in other liabilities                                            (16)
   Increase in Non-Recourse Promissory Notes and interest                   (97)
   Increase in estimated costs during the period of liquidation             (86)

Net liabilities in liquidation at end of period                          $ (617)

                   See Accompanying Notes to Financial Statements


<PAGE>




c)
                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

As of December  31,  1999,  Century  Properties  Fund XX (the  "Partnership"  or
"Registrant")  adopted the  liquidation  basis of accounting due to the imminent
loss of its remaining investment properties.

Pursuant to the terms of the Notes, the Partnership was required to pay interest
at a rate of 4% per annum on the Notes,  and accrue the  additional 4% per annum
due on the Notes. The Notes are secured by all of the Partnership's  properties.
The  Notes,   which  had  a  balance  of  principal  and  accrued   interest  of
approximately  $8,229,000 at March 31, 2001,  matured on November 30, 1998.  The
Partnership was in default under the Nonrecourse  Promissory  Notes. Fox Capital
Management  Corporation ("FCMC" or the "Managing General Partner"),  the general
partner of the Partnership's general partner, previously contacted the indenture
trustee for the Notes and certain  holders of the Notes  regarding this default.
On October 28, 1999 the  Partnership  entered into a forbearance  agreement with
the indenture trustee for a period of 390 days. In turn, the Partnership  agreed
to (a) deliver to the indenture  trustee for the benefit of the note holders all
of  the  accumulated  cash  of  the  Partnership,   less  certain  reserves  and
anticipated  operating expenses,  (b) market all of its properties for sale, (c)
deliver all cash  proceeds  from any sales to the  indenture  trustee  until the
notes are fully satisfied and (d) comply with the reporting  requirements  under
the indenture.  At the expiration of the forbearance period, the Partnership had
not sold all of its properties or satisfied the  Nonrecourse  Promissory  Notes.
With the  consent of the  indenture  trustee,  the  forbearance  period has been
extended to August 31, 2001. Based on current market conditions,  it is unlikely
that the sale of the  Partnership's  remaining  asset will  generate  sufficient
proceeds to pay off the Nonrecourse Promissory Notes in full. If the Partnership
cannot sell its property for sufficient  value,  in accordance with the terms of
the  forbearance  agreement,  it is likely  that the  Partnership  will lose its
remaining  property  through  delivery to an auctioneer who would sell the asset
for the  benefit  of the Note  holders.  Upon the sale or  disposal  of the last
property, the Partnership is expected to terminate. The Managing General Partner
is a subsidiary of Apartment  Investment and  Management  Company  ("AIMCO"),  a
publicly traded real estate investment trust.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999, to the  liquidation  basis of accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
March 31,  2001 is  approximately  $86,000  of costs,  net of  income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

The following  transactions with affiliates of the Managing General Partner were
incurred during the three month periods ended March 31, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees                                         $ --      $ 41
 Reimbursement for services of affiliates                           25        34

During the three months ended March 31, 2000, affiliates of the Managing General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
residential   properties  as  compensation  for  providing  property  management
services. The Partnership paid to such affiliates  approximately $41,000 for the
three months ended March 31, 2000. The Partnership had no residential properties
in 2001.  For the  Partnership's  commercial  properties,  these  services  were
provided by an unrelated  party for the three month periods ended March 31, 2001
and 2000.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately  $25,000 and $34,000 for the
three months ended March 31, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 3,678 limited  partnership
units in the Partnership  representing  5.95% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the Managing General  Partner.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation with the Managing General Partner.

AIMCO and its affiliates own 8,831  Nonrecourse  Promissory  Notes  representing
8.95% of the outstanding notes.

Note C - Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also establishes  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership  has only one  reportable  segment.  The  Managing  General  Partner
believes that  segment-based  disclosures  will not result in a more  meaningful
presentation than the financial statements as currently presented.

Note D - Sale of Investment Properties

On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000.  The net sales proceeds of  approximately  $9,002,000  were directly
wired to the Indenture Trustee as required by the forbearance agreement.

Note E - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the Managing General Partner
filed a motion  seeking  dismissal of the action.  In lieu of  responding to the
motion, the plaintiffs filed an amended complaint.  The Managing General Partner
filed demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended complaint.  The Court has also scheduled a hearing
on a motion for class  certification  for August 27, 2001.  Plaintiffs must file
their motion for class  certification  no later than June 15, 2001. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange  Commission made by the  Partnership  from time to time.
The  discussion  of  the  Partnership's  business  and  results  of  operations,
including  forward-looking  statements pertaining to such matters, does not take
into account the effects of any changes to the Registrant's business and results
of operations.  Accordingly,  actual results could differ  materially from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The  Partnership's  remaining  investment  property  is  a  business  park.  The
following  table sets forth the average  occupancy of the property for the three
months ended March 31, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Highland Park Commerce Center (1)              79%        84%
         Charlotte, North Carolina

(1)   The decrease in occupancy at Highland Park  Commerce  Center is due to the
      loss of tenants over the past twelve months  occupying  6,914 square feet,
      which represents  approximately  6.54% of the total space. The Partnership
      recently  entered into a contract to sell Highland Park Commerce Center to
      an  unrelated  third  party.  The  sale,  which  is  conditioned  upon the
      purchaser  completing  its due diligence  review of the property and other
      customary  conditions,  is  expected  to close,  if at all,  during  third
      quarter 2001.  There can be no assurance,  however,  that the sale will be
      consummated, or if consummated, on what terms or in what time frame.

As of December  31,  1999,  Century  Properties  Fund XX (the  "Partnership"  or
"Registrant")  adopted the  liquidation  basis of accounting due to the imminent
loss of its remaining investment properties. Pursuant to the terms of the Notes,
the  Partnership  was  required to pay interest at a rate of 4% per annum on the
Notes,  and accrue the  additional 4% per annum due on the Notes.  The Notes are
secured by all of the Partnership's  properties.  The Notes, which had a balance
of principal and accrued interest of approximately $8,229,000 at March 31, 2001,
matured  on  November  30,  1998.  The  Partnership  was in  default  under  the
Nonrecourse  Promissory  Notes.  The  Managing  General  Partner had  previously
contacted the indenture  trustee and entered a forbearance  agreement on October
28,  1999.  In turn,  the  Partnership  agreed to (a)  deliver to the  indenture
trustee for the benefit of the note holders all of the  accumulated  cash of the
Partnership,  less certain  reserves and  anticipated  operating  expenses,  (b)
market all of its  properties  for sale,  (c) deliver all cash proceeds from any
sales to the  indenture  trustee  until the notes  are fully  satisfied  and (d)
comply with the reporting requirements under the indenture. At the expiration of
the  forbearance  period,  the Partnership had not sold all of its properties or
satisfied the Nonrecourse  Promissory  Notes.  With the consent of the indenture
trustee,  the forbearance  period has been extended to August 31, 2001. Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
remaining  asset will generate  sufficient  proceeds to pay off the  Nonrecourse
Promissory  Notes in full.  If the  Partnership  cannot  sell its  property  for
sufficient value, in accordance with the terms of the forbearance agreement,  it
is likely that the Partnership will lose its remaining property through delivery
to an  auctioneer  who would sell the asset for the benefit of the Note holders.
Upon the sale or disposal of the last property,  the  Partnership is expected to
terminate.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999 to the  liquidation  basis of  accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
March 31,  2001 is  approximately  $86,000  of costs,  net of  income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000.  The net sales proceeds of  approximately  $9,002,000  were directly
wired to the Indenture Trustee as required by the forbearance agreement.

Highland Park Commerce Center

During  the  three  months  ended  March 31,  2001,  the  Partnership  completed
approximately  $17,000 in capital  improvements at Highland Park Commerce Center
consisting of tenant improvements. These improvements were funded from operating
cash flow.  The property is currently  being  marketed for sale;  therefore,  no
funds have been  budgeted for capital  improvements  for the year 2001.  Capital
improvements  will be  made  as  necessary  until  the  property  is  sold.  The
Partnership  recently  entered into a contract to sell  Highland  Park  Commerce
Center to an unrelated  third party.  The sale,  which is  conditioned  upon the
purchaser  completing  its  due  diligence  review  of the  property  and  other
customary  conditions,  is expected to close,  if at all,  during third  quarter
2001. There can be no assurance,  however, that the sale will be consummated, or
if consummated, on what terms or in what time frame.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the three months ended March 31, 2001 and 2000.

The following is a general  description of the tax consequences  that may result
to a limited partner upon the sale of the Partnership's remaining property. Each
limited  partner should consult with his or her own tax advisor to determine his
or her particular tax  consequences.  The taxable gain and income resulting from
the  sale  of the  Partnership's  property  will  pass  through  to the  limited
partners, and will likely result in income tax liability to the limited partners
without any distribution of cash from the Partnership.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the Managing General Partner
filed a motion  seeking  dismissal of the action.  In lieu of  responding to the
motion, the plaintiffs filed an amended complaint.  The Managing General Partner
filed demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended complaint.  The Court has also scheduled a hearing
on a motion for class  certification  for August 27, 2001.  Plaintiffs must file
their motion for class  certification  no later than June 15, 2001. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2001.




<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    CENTURY PROPERTIES FUND XX


                                    By:   FOX PARTNERS III
                                          Its General Partner


                                    By:   FOX CAPITAL MANAGEMENT CORPORATION
                                          Its Managing General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: